google.com, pub-6326879744384613, DIRECT, f08c47fec0942fa0
+234 905 313 0518
Cessummit

See How Narrow Client Base Restricts & promotes business Growth globally. Now, do you want to see how narrow client base restricts or promotes business Growth? Ok! The two are here. The fact is, narrowing down your target market is essential if you want your business to be successful. However, on the other hand, restricting the client or audience base may also pose a restriction to a business growth.

Here are how you can enhance the growth of your company or business with strategic growth ideas. Embodied in this post also are innovative ideas for company growth leveraging on all-round business growth ideas. In fact, these are structured Business Information at your Fingertips.

Narrow Client Base:

As a matter of fact, it’s being proved that The more specific you can be about who your customers are, the more you can serve them better. You can do this through creating effective marketing strategies and products that will appeal to them and avoid wasting time and money chasing a broad market base. So, in whatever market or industry you are, you’ve likely gotten a lot of competition and static standing between you and the consumer. So, narrowing your focus to one specific demographic or slice of the marketplace gives potential customers a reason to notice your brand presence.

Going forward in this post, you have to get these key objectives. One is that a client base is a firm’s core group of customers from where it derives revenues and profits. Note also that a key business goal in this subject matter is developing, retaining, and expanding a business client base. Then, also is that a client base can be generalized or targeted depending on the type of business or product. So, please, read on.

Related Topics:

Cessummit Empowering Entrepreneurs with Modern Entrepreneurship Empowerment Strategies:

This topic is born out of our research work as one of the Tips to Quick Grow your Business in Nigeria. Under Cessummit Business Support Programs & Services, our Strategic Business Planning Consultants researches on how to Overcome Business Start-up Challenges in Nigeria with Modern Entrepreneurship Empowerment strategies, Empowering Entrepreneurs for Economic Growth and Development in Nigeria. You may wish to contact us for your business support services.

Going further is a full time discussion on now Narrow Client Base restricts or promote business Growth, starting with the essential definitions.

What is a Client Base?

A client base is a company’s primary source of business and revenue. A client base consists of the current customers paying for the products, or services. That is to say, they are all your customers put together. However, it can be identified or defined in many other ways depending on the type of industry.

What is Narrow Client base:

A narrow client base emanates from a business policy to specify types or location of its clients. So, if you are targeting people who live near your business location, that is a narrow geographic market. This will give you a narrow clientele base. But however, if you are targeting people who live just about anywhere, or not worrying about that at all, then you have a broad geographic market. And this will give you a broad clientele base.

Now, considering the type of clientele base you want, here are things you must do.

Narrow Marketing

Narrow marketing generates narrow clientele base. But broad marketing give rise to broad clientele base. So, narrow marketing primarily uses the idea of “being the best to a certain audience”. This first before it takes it to the next level. In this case all of your marketing content is geared towards particular niche. What this means is that you have to be very well informed about your target audience so that you will be able to create specific strategies that you know will interest them.

You are free to reason that this type of marketing creating narrow clientele base is more efficient and effective as you get to know exactly who YOUR customers are and how YOU want to target them. By this, you don’t waste time or money appealing to uninterested customers.

So, it’s said that businesses using narrow and targeted marketing strategies are more effective because they reach the right consumers with more applicable messages. In this case, even small businesses can also choose the best media sources for their advertising by targeting certain customers. In this case, they can find out the best ways to target the demographic of their target audience. That will enable them use platforms which they use often, For instance, for younger people social media may be used whereas older audiences may be targeted through radio or TV ads. As you can see, this really alone streamlines the marketing process. Then, it means that no time or money is wasted on unbeneficial tasks as your goals and strategies should be clear from onset.

See How Narrow Client Base Restricts & Promotes Business Growth

Further advantage of narrow marketing strategies is that you can really tailor your strategies to your target audience as well as improve customer relationships and loyalty without bothering bout other audiences. This is because, the smaller the audience, the more personalized your business can become. In fact, in getting more personalized you can really build brand loyalty. This proves that you may also personalize your products or services to really cater to your audience’s need. Again, this enables you create strategies and materials that will really speak to them.

Any disadvantage to narrow marking? Yes; these promote broad marketing and broad clientele base. So, it’s said that narrow marketing takes time to search and find appropriate customers. As a matter of fact, in this case, you are less likely to be creating generic content. This is because you spend a lot of time making sure your strategy is effectively targeting the right people. For instance, instead of composing a generic email – targeted marketing requires a higher level of personal input and creative content. As you can see a considerate amount of time is spent researching your customers and how you can engage with them.

How does Narrow client base restrict business growth?

Thanks for reading through to this point. Having gone through our write-up so far, you will notice that narrow marketing creates narrow clientele base. This really means having specific audience for your goods and services. Our research so far has proved that narrow cliental based caused by narrow marketing is not good for a broad market outlook. Therefore, any business that wishes to grow its clientele base should plan how to increase is clientele base.

We recommend BLUE OCEAN STRATEGY for those who want a robust clientele base. This concept implies a simultaneous pursuit of differentiation and low cost to open up a new market space and create new demands. In fact, this strategy aims at capturing uncontested market spaces in a manner that makes competition irrelevant. For these group of our readers, follow us to the next paragraphs dealing with business growth questions.

See How Narrow Client Base Restricts & Promotes Business Growth

Common obstacles to business Growth:

This section addresses the following questions:

  • What are the barriers to business growth?
  • What are the challenges of business growth?

Here we share our industry experience So, some of the most common obstacles to business growth the companies we support come up against time and time again include;

  • Funding- either a lack of funding or confusion around financial management. Visit here for solution
  • Implementation of Business planning – this is counter-intuitively,. And because businesses can get too focused on their long-term goals and ignore the short-term tasks needed to reach the next step in their journey. Check out here
  • Market, marketing and customer issues – businesses often come to us when they aren’t getting enough interest in their products and services. And, in cases when they can’t find the right customers for their proposition.
  • Pricing and profitability – commonly, businesses look to us for help with pricing, margins and profitability.
  • Adopting a business mindset – businesses are often trying to do it all themselves alone. This is not possible. You have to think about making use of contractors and external support.

See How Narrow Client Base Restricts & Promotes Business Growth

Furthermore, generally, there are other internal control issues. These things we see as common internal barriers to business growth. Added are also external issues that threaten business growth. Just read on.

Common internal barriers to growth include;

Read and consider how these can impair your business growth.

  • Finding the appropriate staff
  • Lack of access to resources and materials
  • Not watching business performance indicators
  • Disregarding the competition
  • Inefficient internal control processes and internal infrastructure
  • Management tussles
  • Inefficient marketing strategy
  • Unsustainable business models
  • Obsolete technologies
  • Absence of collaboration
  • Lack of creativity and innovation

External challenges:

Just consider how externa factors affect your business growth. So, external challenges can pose more of a problem. Do you consider the fact, that political and economic climate which is often outside of our control can impact our businesses negatively. However, understanding the potential issues and being aware of the support available to Nigerian businesses can help you continue to grow.

Therefore, the external challenges could include;

  • The impact of foreign exchange rate on both demand and supply chains
  • COVID-19 disruptions
  • Legal issues – incorporation documentations, compliance certificates and regulatory agency issues.
  • And others.

See How Narrow Client Base Restricts & Promotes Business Growth

Now, it’s time to check out other information on this website, especially as it concerns how narrow client base restricts & promotes business growth.

Now Read Also:

Find out how NAFDAC support businesses here

See How Narrow Client Base Restricts & Promotes Business Growth

Cessummit business support offerings:

Furthermore, for whatever you want to achieve in your business – Narrow or Broad Client Base – you should certainly need cessummit business support offerings. So, check them out here.

Was this article helpful?

We expect our articles to be helpful to our audience. These are professional entrepreneurship write-ups. They are for Empowering Entrepreneurs for Economic Growth and Development in Nigeria. Highlighted in this content are How Narrow Client Base Restricts & Promotes Business Growth globally. These business information form part of our organized business development and support Information for businesses in Nigeria.

How to Contact and follow us:

Finally, do you desire our business support services? Then, can you contact us on +234 9053130518/08034347851 or emailing via cessummit0518@gmail.com. And, please, to get more information on this website, use our search button on this page. Follow us by using our social media buttons on this page too. Thank you.